OQ to sell OQ Chemicals?

According to unconfirmed reports, the Omani state-owned energy company is considering an exit from OQ Chemicals eight years after acquiring it from private equity owner Advent International for slightly over $2.1 billion. Figures in the region of $3 billion have been cited.

Formerly known as Oxea Chemicals, OQ Chemicals is based at Monheim, Germany, and has sites in China, the Netherlands and the US, employing about 1,400 people. It mainly produces oxo intermediates and oxo derivatives.

The company had planned to boost its capacity by 30% this year, including a world-scale plant for carboxylic acids at its Oberhausen site. In March it signed a memorandum of understanding with fellow Advent portfolio company Röhm to build a 250,000 tonnes/year PMMA plant at Bay City, Texas, using Röhm’s LiMA technology.